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I’m a 100% shareholder of an S corporation. My CPA does my…

Second opinion] I’m a 100%...
Second opinion] I’m a 100% shareholder of an S corporation. My CPA does my 1120S and issues a K-1 and a W-2 each year. I do my own 1040 using TurboTax. In my 1120S, my CPA deducted on Line 19 my health insurance premiums that were paid directly from my business account. The health insurance policy is in my name, but again, paid for by the business. The policy is via the ACA, and I receive no subsidy. Although my CPA deducted my health insurance premiums in my 1120S, may I still deduct the premiums on my personal 1040, Line 29 as an above-the-line deduction?
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Answered in 1 hour by:
3/26/2018
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,092
Experience: Tax professional and business consultant for 35 years.
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Customer reply replied 3 months ago
You didn’t provide an answer.

If the premiums were added to your W-2, then yes, you can deduct the premiums as an above-the-line deduction.

Thanks for asking at Just Answer. Positive feedback is appreciated. I'm PDtax.

PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,092
Experience: Tax professional and business consultant for 35 years.
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